Tips Archives - Page 22 of 26 - Insurance Agency Singapore | Commercial Insurance and Personal Insurance

What You Need to Know About Personal Accident Insurance

7 July 2015 By Digital Curator Leave a Comment

Image via Flickr user Jaume Escofet

Thom Yorke was right when he sang the verse “we are accidents waiting to happen.” Well… at least in my case because I can’t walk to the restroom without stubbing my toe every time. But accidents can and do happen. It doesn’t matter whether you’re operating heavy machinery, hiking in Tibet, riding the bus, or even taking a shower. And if you’re uninsured against injury or death from accidents, it could prove disastrous for your finances.

What Is Personal Accident (PA) Insurance?

PA Insurance provides you and your family with financial support in the event you suffer an injury, disability, or die from an accident. Although it sounds similar to a life insurance policy, PA Insurance differs from life insurance in two ways:

PA Insurance is meant to cover death directly resulting from accidents, not death from natural causes, while life insurance covers both.
Unlike other life insurance policies that provide savings/investment benefits in addition to any death benefits, PA Insurance offers no such benefits.

Some industries such as transportation, manufacturing, and construction have a greater chance of on-the-job accidents and deaths – that’s something to think about if you operate heavy machinery or drive daily. And if you don’t qualify for Workmen’s Compensation or are uninsured, a Personal Accident (PA) Insurance policy can protect you for $200 – $300 a year.

What Constitutes an “Accident?”

While the opinion over what “is” is may differ with some people, insurers all pretty much agree on what an “accident” is.

Understanding what the definition of “is” is doesn’t just apply to former US presidents and their ah, indiscretions. It also applies to PA Insurance in determining what constitutes an “accident.” Unfortunately, some policies are written in a confusing manner that makes Shakespeare easy to read by comparison.

Fortunately, insurers follow the same general principles when it comes to defining “accident” – it’s an unforeseeable event that causes injury at the moment of its occurrence. But if the “accident” was caused by a cumulative effect, it’s not considered an accident.

For example, if you routinely skip work to play golf (government job right?) and that “nagging” pain in your elbow and Achilles heel turns into a debilitating injury, it’s not considered “accidental” by insurers, but cumulative.

by Jeff Cuellar

See Full Story on blog.moneysmart.sg

ROAD ACCIDENTS

2 July 2015 By Digital Curator Leave a Comment

Image via Flickr user William Murphy

As of 1st June 2008, the Motor Claims Framework (‘MCF’), has been introduced by the General Insurance Association of Singapore (‘GIA’) and is intended to be a policy condition which motor insurers will enforce. The MCF sets out procedures for motorists to follow when their vehicles meet with an accident. Under the MCF, all accidents, regardless of how minor, and even if the damage is not visible, must be reported to your insurers within 24 hours or by the next working day. It does not matter if you intend to claim from the insurers or Third Parties; you must still lodge a report with your insurers. With this new policy, all insurers will operate a 24-hour hotline. Even if you enter into a private settlement with the driver of the other vehicle involved in the accident, you must still report the accident to your insurers. You may wish to visit the GIA’s website at www.gia.org.sg for more information.

What to Do at the Accident Site

You should take down the following particulars:
- registration numbers and name of insurance companies of all vehicles involved in the accident;
- names, NRIC Numbers, addresses and telephone numbers of the drivers, passengers, injured pedestrians and witnesses.
You should also give your particulars to the other parties involved in the accident.
Contact your insurers for a tow truck in the event you need one to move your vehicle after an accident, or if you need advice about the accident. You should not engage any unauthorized tow truck operators.
If it is a serious accident e.g. where someone is injured or has died, call the police. As the police need to draw a sketch plan, do not move the vehicles or dead bodies.
If possible,
- make a sketch plan or mental note of the accident site, position of vehicles, any landmarks; and
- take photographs of all damage caused by the accident and the scene of the accident, whether or not anyone has suffered injuries. You must keep the negatives of those photographs if you are using a film camera..
This is important. Many do not realize how essential and helpful sketch plans, photographs of the scene of the accident and photographs of damage sustained are to parties who are trying to resolve the accident claim, be it pre or post writ.
Note:Should you, as a vehicle owner, fail to report to your insurers within 24 hours of the accident, then you may find yourself prejudiced. That is, your insurers will have the right to reject your claim or to claim from you any sums paid by them for a third party claim made against you or your driver. This may result in a loss of your No Claim Discount when you review your policy next.

What to Do Immediately After

Police report

You should make a written police report as soon as possible at any police station or Neighbourhood Police Post. If you are hospitalized as a result of the accident, make your report as soon as you are discharged from hospital.

You have to give all the information mentioned in the paragraph ‘What to do at the accident site’.

The report must be made in English. If you have difficulty, ask someone to help you write a report or you can explain the accident to the police officer who will translate it into an English written report for you.

The police report is important because it is the official written record of the accident. Your insurance company, the police and lawyers will refer to it if you make any claim for compensation.

If you delay making a police report or General Insurance Association of Singapore (‘GIA’) report after an accident without good reason, there may be adverse inferences drawn against you. You must make a report of the accident to your insurers within 24 hours of the accident.

Damage to your vehicle

You should arrange for your damaged vehicle to be removed to the approved reporting centre for a survey to be conducted and for repairs, within 24 hours of the accident or by the next working day. Again you should avoid any unauthorized repair workshops. If, however, you wish to claim against the insurer of the other vehicle, you may wish to give the other vehicle’s insurer an opportunity to inspect your vehicle within a reasonable time (e.g. 48 hours).

See Full Story on lawsociety.org.sg

11 Reasons Why Hybrid Cars Are Better Than You Think

30 June 2015 By Digital Curator Leave a Comment

Image via Flickr user Kevin Dooley

When hybrid cars first came to our shores in 2001, they were an odd curiosity. In the intervening years, most Americans seem to have made up their mind regarding this new type of vehicle. Hybrid owners love their cars while drivers of traditional vehicles have reached their own conclusions, based largely on some erroneous assumptions.

Here are nine reasons why a hybrid car is better than you think it is.

1. Hybrids Are Not Slow

Many people conclude that the additional gas mileage offered by hybrids are not worth the cost of driving the slowest car on the road. In fact, hybrids are faster than you might think for an obvious reason – hybrid cars have multiple engines. In addition to the conventional gasoline engine, hybrids contain 1-3 electric motors that provide a little more horsepower and a lot more torque. Some models, like the Prius, use a smaller gasoline engine than similarly sized cars, but other hybrids simply add an electric motor to the standard engine which results in a faster combination than the non-hybrid version.

2. Hybrid Efficiency Is Not Just About The Car, It Is Also About The Driver

It is possible to drive a hybrid just like any other car, but your fuel economy will suffer. Hybrids want to be driven in a different manner in order to take advantage of all of the inherent efficiencies of their drive-trains. To help drivers get the most miles per gallon, most hybrids include some sort of feedback system that lets drivers know how the car is operating. For example, drivers learn when their car is in electric only mode, when the gas engine is running, and when they are generating energy from braking.

3. Hybrids Require Less Maintenance

When your engine is only running half of the time, your car will require fewer oil changes. Additionally, since a hybrid uses generators to decelerate while charging its battery, it will use its friction brakes far less often. The result is a car that will drive more miles before needing brake service.

4. Hybrid Batteries Will Outlast The Car

The most common concern that most drivers have with the concept of a hybrid is that they have an expensive battery that will need to be replaced. It is true that a hybrid’s batteries make up a substantial portion of the additional cost, but concerns that the battery will be unreliable are unfounded. In fact, Consumer Reports tested a 10 year old Prius and compared its performance to the same model when it was tested as new. They concluded that the 10 year old car with 200,000 miles performed identically to when it was tested as new. Furthermore, cities that have used hybrids as taxis found that their batteries were also working fine when the vehicles were retired as planned after 250,000 miles.

by Jason Steele

See Full Story on lifed.com

Insurance rise for ships and oil rigs

25 June 2015 By Digital Curator Leave a Comment

Image via Flickr user つだ

Ships and oil rigs that come to New Zealand will be forced to massively boost the amount of insurance they carry to guard against the environmental costs of an accident.

It is not known what the new level will be, but it could be five to ten times current levels, perhaps more.

The matter came up at a hearing in Wellington to consider a request by Shell Todd Oil Services to extend its gas pumping operations at the Maui gasfield off the coast of Taranaki, which has been operated since 1979 and could still be going in 2030.

The company needs a marine consent to continue operating under legislation governing New Zealand’s Exclusive Economic Zone.

While considering that application, the Environmental Protection Authority called managers from Maritime New Zealand to find out what protections are in place against an oil spill.

They learned that ships and oil rigs must carry a level of insurance equivalent to $27 million.

This does not refer to the level the Shell Todd rigs actually carry, but is the legal minimum for all vessels.

Maritime New Zealand general manager for safety and response Nigel Clifford told the hearing this was “not a very large amount on money at the present time”.

Outside the hearing, he said Government officials were working on requiring a much higher fee.

He did not say how much this would be, but said some wrecks overseas were incurring costs of hundreds of millions of dollars and this was being looked at by officials.

Clean up costs for the container ship Rena after it ran aground off the Bay of Plenty four years ago have reached $45 million but salvage costs have been estimated at $450 million.

Any new coverage level would be likely to have to go some way to meeting these sorts of sums.

Legal arguments are holding up the question of the Rena‘s final salvage.

by Eric Frykberg

See Full Story on radionz.co.nz

Diesel Cars: The Better Alternative You NOW Know About

23 June 2015 By Digital Curator Leave a Comment

Image via Flickr user Jose Luis Cernadas Iglesias

Surprise, surprise! You may remember how LTA re-categorized certain cars from CAT A to CAT B to reduce COE prices based on engine power. Sure, you won’t be seeing the Mazda RX8 or BMW 316i in CAT A anymore. But as Channel News Asia reported, there are still some luxury diesel-powered cars in CAT A that squeaked by the recent re-classification because of low engine power.

This means 2 things – 1) COE prices won’t be going down too much anytime soon because of these luxury diesel-powered cars still on Class A and 2) If you’re in the market for a new luxury car that’ll save you money on fuel, maintenance, and the cost COE, you better buy it now because I don’t think these cars will in CAT A for long.

Here’s a little more info on why diesel-powered cars are worth buying:

Interested in Switching Over to Diesel?

You already know that buying a new car is a horrible investment! By the time you’ve finished paying for COE, OMV, GST, and ARF, you’ve already forked over enough cash to buy a 3-Room BTO flat, or a platoon of T-72 tanks (I’m not kidding).

But if you’re dead set on either trading in your current car or have the capital to get yourself a new car this 2014, you need to consider buying a diesel car. True, they’re about as rare in Singapore as the slow loris and slightly more expensive than normal cars, but there’s a reason why they’re so popular in places like Europe – they’re fuel efficient, reliable, and attractive.

by Jeff Cuellar

See Full Story on blog.moneysmart.sg

Questions to ask when hiring a maid for your home

29 May 2015 By Digital Curator Leave a Comment

Image via Flickr user Chrisissy

The Maids of East Toronto and Durham Region can help you keep your home clean and healthy, even when life gets too busy!

It’s common for housework to creep down to the bottom of your ‘to do’ list.

Between work, the kids, activities and a social life, there’s rarely any time left in your day to clean the house. That’s why so many people are turning to cleaning companies to take the burden of housecleaning off their shoulders. Withregular cleanings, you will have more time to focus on doing the things you want to do.

Before hiring a cleaning company, there are several questions you should ask.

First, find out if they are fully insured, including workers compensation, liability and damage insurance. This is important because if the person cleaning your house injures themselves or damages your property and is not insured, you will be liable for that.

Many companies use subcontractors as a way to save money and distance themselves from the people doing the work. Find out if the cleaning company has staff that work for them or if they are contracting out the work.

As with any kind of service, you want to make sure that you are getting good value for the money you are paying. Ask the cleaning company about how things in your house will be cleaned. For example, will they just clean around your belongings or will they pick things up and clean around them? What services are included for the money you are paying?

Find out what type of products they will be using to clean your house. Some services use what you have and others bring their own. It’s important to know if the products they are using are safe and non-toxic, especially if you have children or pets living in the home.

Finally, ask if their services are guaranteed. You want to make sure that you will be happy with the cleaning, and if you are not, that the company will do something to make things right.

See Full Story on durhamregion.com

Expert Dishes on When You Should Really Buy Travel Insurance

20 May 2015 By Digital Curator Leave a Comment

Image via Flickr user Liam Moloney

You’ve selected your destination, departure date and seat assignment. You’ve entered your name and date of birth and if you’d like to pre-pay for checked bags. You’re almost done buying a plane ticket and then the dreaded checkbox asking whether you would like to purchase travel insurance or not pops onto the screen.

Here are some tips to help coach you on when to buy trip or airfare insurance:

What’s the timing? If you’re buying a ticket last minute for a trip you’re taking this weekend, it’s less likely something will disrupt your plans.

Will canceling break your pocketbook? If you need to cancel or delay a trip and being out that money (and perhaps knowing that you’ll have to pay even more money to reschedule), paying a little extra up front for insurance won’t hurt in the long run.

Do you have use for other services? If you’re going on a major trip where you might need more than just trip interruption coverage — if you want coverage for medical incidents, lost baggage or help with lost travel documents, for example, — insurance might be for you.

by Liz Klimas

See Full Story on theblaze.com

What you need to know about travel insurance

15 May 2015 By Digital Curator Leave a Comment

Image via Flickr user fdecomite

An online travel insurance company has taken out this year’s national award for best-value policy, sharing the top spot with Southern Cross.

Travel Insurance Direct were joint winners with Southern Cross in this year’s Canstar travel insurance awards, offering the best policies across both trans-Tasman and international travel.

“Offshore events such as Tropical Cyclone Pam or domestic events such as a family member suddenly falling sick can cancel a holiday altogether. That said, it’s never too late to insure yourself, so if you’re heading away for Easter next week and haven’t yet put travel insurance in place, do it right now.”

TRAPS TO WATCH OUT FOR

Travel insurance was second in New Zealanders’ list of gripes to the Financial Services Ombudsman last year, behind personal loans for car purchases. Here’s what you can do to minimise any problems.

* Pre-existing conditions: these are existing medical conditions that insurers don’t cover. Each insurer will have a different list, so make sure to read the small print. Don’t be tempted not to declare your condition, as it could void the entire policy.

* Look closely at policy definitions to check cover is as comprehensive as thought.

* Age limits – cover can be limited when a trip is cut short by the death or illness of a relative over a certain age (usually 75-80).

* Cover for certain sports – Skiing, snowboarding, scuba-diving, bungy-jumping and motorcycling may not be covered unless discussed with your insurer beforehand.

* Motor vehicle liability – Most insurers don’t cover the renting of a car in another country, so make sure you take out a comprehensive policy from the rental agency.

CASE STUDY 1

C arranged insurance for a trip to Peru between June and September 2013, with P. In June, C made a claim, providing a report from the Peruvian police, which stated C “declares having forgotten and left, inside a black coloured taxi . . . a black coloured HP personal computer”. P declined the claim on the basis that the loss was not a result of a defined peril, in this case theft, and the claim was outside the scope of cover.

C disputed the decision, saying the police report did not correctly record the circumstances. C stated that she did not leave the laptop in the taxi, but that it was stolen. The case manager did not believe C had shown, on the balance of probabilities, that the laptop was stolen. The complaint was not upheld by the Insurance and Savings Ombudsman.

CASE STUDY 2

X arranged travel insurance for his and his wife’s travel to Australia between June and August 2013, with P. While in Australia, X’s wife sought medical treatment for a problem with her left eye.

X telephoned P and advised that his wife required eye surgery. P told X it did not believe the surgery was emergency surgery, given that it was scheduled two weeks later. P said it was considering flying X’s wife back to New Zealand for treatment, and requested confirmation from X’s wife’s doctor in Australia, who said this was fine.

P said X’s wife was fit to fly back to New Zealand and the policy would not cover claims arising from her refusal to return to New Zealand.

X told P his wife would undergo surgery in Australia, and then tried to claim for the surgery when the pair returned to New Zealand. P declined the claim, saying X’s wife had been fit to fly, the surgery was not emergency treatment and the policy did not cover private hospital treatment where publicly funded services were available. The claim was not upheld by the ombudsman.

See Full Story on stuff.co.nz

Things to look before you buy Travel Insurance

13 May 2015 By Digital Curator Leave a Comment

Image via Flickr user Moyan Brenn

In today’s times, travelling to a foreign country does not mean packing bags and flying off. Rather, the task has become complex as various arrangements need to be made such as foreign currency or changing one’s telephone plan. The increasing instances of lost luggage, delayed flights and health complications have made the need for travel insurance must for a traveler. One has to get into finer details to know if their selection of travel insurance policy is right or not.

Extent of health coverage – Though all of the travel insurance policies cover for medical emergencies and other related expenditure, but a traveler should look for a policy that has a comprehensive or appropriate coverage to suit one’s medical condition.

Other inclusions – Most of the policies provide compensation for lost baggage and documents and flight delays, but specific inclusions such as covering disabilities or death as a result of accident while traveling are not part of all policies. A traveler should look for such inclusion if he is going on an adventure trip. On the other hand, leisure holidaying will not need such coverage.

Global or specific region coverage – Travel insurance policies are of two types, that is, either they are applicable to travel across the globe or extend coverage to specific regions. In most cases, a global coverage is appropriate but if a traveler is sure of travelling to a certain region then a specific geographical coverage should suffice. Normally, insurance companies charge a higher premium for covering places that are categorized as high-risk. Hence, one should review and compare policies to save paying higher premiums.

Pre-set coverage amount – A travel policy specifies a preset coverage amount that is allowed for each head. For example, a travel policy may specify maximum limit of upto $1000 on flight delay or $100,000 for health emergencies. One should try to get a coverage that will cover the maximum cost.

Time of travel – If travel abroad is a frequent activity then one may consider buying an annual multi-trip policy. But, if it is just one-time affair in a year then a single trip policy will be good enough. Also, one should get a coverage that allows an extension of policy, if in case someone wants to extend the stay.

See Full Story on indiainfoline.com

Buying travel insurance policy? Use this 5 point checklist

11 May 2015 By Digital Curator Leave a Comment

Image via Flickr user Kreuzfahrtfan

Travel insurance protects the policyholder for loss arising because of unforeseen events during travel. Coverage, extent of coverage, destination clauses, pre-existing health conditions coverage are some factors one should check before buying one such cover.

Here are the top 5 things to be evaluated before buying a travel insurance policy:

1. What is actually covered and what is not: While all travel insurance policies may look similar on the face of it, the finer details of what is covered and what is not can make a huge difference. For example, medical coverage while travelling abroad is an important component.

2. Destination coverage: Travel insurance companies offer policies which may either have global coverage or have specific geographical coverage. Choosing a policy with global coverage is always safer, as there is no risk of rejection. However, there may be sub clauses and exceptions to this.

3. Duration of coverage: Policies can be either a single trip policy or an annual multi trip policy. The frequency of travel should determine the choice of the policy. Check how many consecutive days abroad will be covered under the policy.

4. Extent of coverage: In addition to the various heads which are covered in the policy, one must also check how much will be the coverage for each head. This means there will be a limit on the claims imposed, depending on what is being claimed.

5. Pre-existing health conditions: Insurers generally do not cover pre existing conditions of the policy holder. However, some companies offer coverage with certain caveats and conditions. Policy holders are required to declare the pre existing conditions while purchasing the policy.

Any insurance costs money and therefore purchasing travel insurance entails premium outflow. However, it is better to be safe than sorry, and travelling without adequate insurance is foolishness. It is important to compare the various options available, look up all the relevant features of the policies and select the one which is provides the most appropriate coverage.

by Smitha Hari

See Full Story on moneycontrol.com

Insurance Agency Singapore | Commercial Insurance and Personal Insurance